HPCL Q1 profit falls nearly 56%, misses estimates
Bengaluru: State-owned oil refiner Hindustan Petroleum Corp. Ltd said on Friday that its profit fell 56% in the first quarter of 2017-18, missing analysts’ estimates.
Net profit for the quarter ended 30 June came in at Rs925 crore ($145.26 million), as against Rs2,098 crore in the year-ago period, the company said.
Analysts on average expected a profit of Rs1,028 crore in the June quarter, according to Thomson Reuters data.
Gross refining margins, or profit earned on each barrel of crude processed, dropped to $5.86 per barrel, compared with $6.83 per barrel in the same period in 2016.